# In the matter of Suasth Healthcare Foundation

> NCLT judgment dated 2024-04-18. Citation: TCN-2024-NCLT-01690. The case involves an application by the Consortium of Nishkala Healthcare Pvt. Ltd. & Ujin…

- **Court:** NCLT
- **Order date:** 18 Apr 2024
- **Citation:** TCN-2024-NCLT-01690
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/suasth-healthcare-foundation-e9c6d4d8

## Summary

### Background

The case involves an application by the Consortium of Nishkala Healthcare Pvt. Ltd. & Ujin Pharma Chem (the Applicant/SRA) seeking an extension of 30 working days for the implementation of a Resolution Plan for Suasth Healthcare Foundation (Corporate Debtor). The Resolution Plan had been previously approved by the Tribunal. The Applicant also sought a direction preventing the Implementation and Monitoring Committee (IMC) from forfeiting INR 20 Crores deposited as performance security pending the disposal of the application. The Resolution Plan was approved on 18.12.2023, and the implementation schedule was laid out. The SRA was unable to implement the plan as per the approved Resolution Plan, leading to the application for an extension.

## Facts

Suasth Healthcare Foundation was undergoing Corporate Insolvency Resolution Process (CIRP). The Consortium of Nishkala Healthcare Pvt. Ltd. & Ujin Pharma Chem (Applicant/SRA) had submitted a Resolution Plan that was approved by the Tribunal on 18.12.2023. The Resolution Plan value was Rs. 180 Crores, to be paid within 45 working days from the approval date. The Applicant had already paid Rs. 20 Crores towards the plan. The Applicant was seeking an extension of 30 working days to implement the plan, citing inability to implement the plan as per the approved schedule. The Implementation Monitoring Committee (IMC) had agreed to extend the deadline to 30.06.2024, subject to the Applicant paying an additional Rs. 20 Crores in installments by specific dates in April and

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should grant an extension of time for the implementation of the …

**Ratio:** The Adjudicating Authority has the discretion to grant or deny an extension of time for

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**Reasoning:** The Adjudicating Authority reasoned that granting an extension while the Resolution Plan

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**Interpretation:** The interpretation is that the Adjudicating Authority should not grant an

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**Application:** In this case, the Adjudicating Authority applied this principle by rejecting

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Consortium of…
- **Respondents:** Suasth Health…; Implementation…
- **Advocates:** Rishabh P…; S Du…; +11 more

## Timeline

- **2023-12-18 — Approval of Resolution…**: The Tribunal approved the Resolution…
- **2024-02-19 — Effective Date for…**: Interest at 9% per annum on the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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